That's the first I remember hearing that this might not be residential.

That was discussed around 2007 when NY had an utter lack of office space and rents on any decent project exceeded $100/sf.

To get financing on a office tower today, a massive pre-let would be required, and yet, that's not possible since an office tower on this site would not accomodate one user of 500,000 sf. Instead, space would go to scores of hedge funds and PE firms that require small blocks of space and that would be willing to pay $150/sf.

By contrast, a high-end residential would get financing readily in this market and would sell out quickly at $5,000+/sf.

This one will likely follow suit with the concept utilized in One57; a mixture of hotel and residential. The opportunity to move more quickly with that duo is there, and frankly I think partnering office space into the concept will do nothing but hold the development back.

__________________"I'm going there, but I like it here wherever it is.."

Extell President Gary Barnett and a rendering of One57
Two stellar penthouses at One57, Extell Development's prospective 1,000-foot condominium and hotel tower on West 57th Street, are being shopped around by the city's biggest brokers for $98.5 million apiece, the New York Post reported.

One penthouse on the 90th floor will clock in at 10,923 square feet, the Post said, while the other, on the 75th floor, will be 12,554 square feet. They may be the priciest preconstruction condos ever, sources said.

Slated to be the city's largest residential tower at 90 floors, the building is slated to be completed within two years. The developer is partnering on the project with an Abu Dhabi government fund, which controls most of the equity.

Designed by Christian de Portzamparc, the building will have a Park Hyatt hotel on its first 30 floors, and 95 luxury condos will take up the remaining 60 floors. [Post]